The top countries for gold production are poised to benefit from the current gold bull market, as are the gold mining operations in those countries.
Gold production: 370 metric tons
China was the world’s top gold mining country in 2023 with output of 370 metric tons. While China’s gold output peaked at 455 MT in 2016, it hasn’t dipped below 300 MT in more than a decade. This consistent production continues to ensure the China’s status as the world’s top gold producer.
Gold production: 310 metric tons
Australia’s 2023 gold production came in at 310 metric tons, largely on par with the previous year’s 314 MT.
Gold production: 310 metric tons
Gold production from Russia came in at 310 metric tons in 2023, the same as the prior year. The country’s output has risen fairly significantly since 2017, when it produced only 255 MT of gold.
Gold production: 200 metric tons
For 2023, gold production in Canada was 200 metric tons, down a marginal 6 MT from 2022.
Gold production: 170 metric tons
In 2023, the Unites States produced 170 metric tons of gold, down slightly from the 173 MT it produced in 2022. While that is a marginal decrease, it continues a trend of production declines from 2017, when the US produced 237 MT of gold.
According to the US Geological Survey, the top state for production of the yellow metal was Nevada, which accounted for 73 percent of total domestic production, followed by Alaska with 13 percent. The top 27 operations in the country were responsible for 97 percent of American gold output in 2023.
An assessment of US gold resources shows that the country has approximately 33,000 MT of gold in identified and undiscovered resources. The US Geological Survey notes that close to a quarter of the gold in undiscovered resources can be found in copper porphyry deposits. Gold reserves in the US are estimated at 3,000 MT.
Gold production: 130 metric tons
Gold production: 120 metric tons
Gold production: 110 metric tons
The mining industry is one of Indonesia’s most important sectors, and the country is among the world’s top producers of nickel, copper and gold. In 2023, Indonesia produced an estimated 110 metric tons of gold, up 5 MT over the prior year.
Gold production: 100 metric tons
In 2023, South Africa produced 100 metric tons of gold, up from 89 MT in 2022. An estimated one-tenth of global gold reserves are located in the country, and its Witwatersrand Basin is one of the largest gold resources in the world.
Gold production: 100 metric tons
Uzbekistan produced 100 metric tons of gold in 2023, in line with its output over the last decade.
Gold is mined by several different methods, including: placer mining, hard-rock mining, by-product mining and by processing gold ore. The method a gold-mining company chooses depends upon the size, location, geological model and metallurgy of the deposit in question.
Securities Disclosure: I, Dean Belder, currently hold no direct investment interest in any company mentioned in this article.
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